SPFU generated over UAH 9,5 billion in revenue for the State Budget, yet its report requires a more robust analytical section

In 2025, the State Property Fund of Ukraine (hereinafter – the SPFU, the Fund) generated over UAH 9,5 billion in revenue for the State Budget, notably exceeding the revenue target from privatisation. The Fund submitted its report on time to the President of Ukraine, the Verkhovna Rada of Ukraine and the Cabinet of Ministers of Ukraine, and the report’s structure and content generally meet the established requirements. At the same time, the Fund’s annual report does not provide a comprehensive assessment of the efficiency of the management of state assets, the budgetary returns generated by these assets or their unrealised revenue potential.

The Accounting Chamber of Ukraine came to the conclusion based on the results of the analysis of the SPFU Annual Report for 2025, specifically regarding aspects affecting the execution of the State Budget. The relevant report was approved at the meeting of the Board of the Accounting Chamber of Ukraine on 10 August 2026. Member of the Accounting Chamber of Ukraine Gennadiy Plis was responsible for the audit.

For reference. In accordance with the legislation, the Accounting Chamber of Ukraine conducts a preliminary analysis of the annual report of the SPFU focusing on elements that affect execution of the State Budget prior to its consideration by committees and at plenary sessions of the Verkhovna Rada of Ukraine.

BUDGET REVENUES AND STATE ASSET MANAGEMENT RISKS

In 2025, the SPFU generated over UAH 9,5 billion in State Budget revenues.

• Specifically, the privatisation of state property contributed UAH 3,38 billion to the State Budget representing 106% of the target. The average sale price for small-scale privatisation assets exceeded the starting price by 2,7 times. Privatisation revenues decreased threefold compared to 2024, and two out of the five planned large-scale privatisation assets were sold.
• The Revenues from the lease of state property amounted to UAH 970,63 million or 97% of the target figure.
• The State Budget received UAH 201,8 million in dividends and UAH 60,2 million as a share of net profit from the management of state-owned corporate rights. However, according to the Accounting Chamber of Ukraine, the budgetary return from the corporate portfolio remains low, and the information regarding the management of corporate rights in the SPFU report is incomplete.

Particular attention was paid during the analysis to the management of entities. In 2025, total wage arrears at state-owned enterprises rose to UAH 852,7 million, while accounts receivable and accounts payable increased by UAH 448,4 million and UAH 443,5 million, respectively. However, the SPFU report does not contain a comprehensive assessment of the efficiency of the management of entities of the public sector of the economy.

In 2025, the largest amount of revenues to the State Budget was generated through the sale of sanctioned assets amounting to over UAH 4,5 billion. An analysis revealed that the information provided in the Report did not allow for a comprehensive assessment of the composition and value of sanctioned assets, the costs of their administration, and the economic potential of unrealized assets.

The Accounting Chamber of Ukraine also analysed the implementation of the Land Bank Program. According to the SPFU, the Program generated UAH 564,5 billion in revenue for budgets at all levels in 2025; however, the Report does not provide information to specify the share of revenues allocated to the State Budget or planned or expected indicators for such revenues.

RECOMMENDATIONS

The Fund has not fully implemented the recommendations provided by the auditors following the analysis of the Annual Report for 2024. The recommendation on the accounting of sanctioned assets has been partially implemented.

Based on the results of the analysis, the Accounting Chamber of Ukraine recommended to the State Property Fund of Ukraine to improve the accuracy of forecasting revenues from privatization and amend its reporting guidelines to include a dedicated section on the Fund’s impact on state budget execution. Additionally, the Accounting Chamber of Ukraine recommended enhancing the analytical depth of reports regarding strategic goals, KPIs, litigation and claims management, the management of entities and the Land Bank Program. The deadline for implementing these recommendations is 1 January 2027.

Nataliia Kosianchuk, Head of the Staff of the SPFU, who attended the meeting, noted that the recommendations provided would help to refine the methodological approaches to preparing the report and ensure a more comprehensive overview of the impact of the SPFU’s activities on the execution of the State Budget.

Gennadiy Plis stated in his concluding remarks: «Despite certain existing shortcomings, in 2025 the SPFU made a significant contribution to State Budget revenues and is demonstrating positive progress in the management of state assets».

The Report and the Decision based on the audit findings will be published on the official website of the Accounting Chamber of Ukraine and submitted to the Verkhovna Rada of Ukraine, the Cabinet of Ministers of Ukraine and the State Property Fund of Ukraine.